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Titleimportant notice this base prospectus may only be distributed to persons who are not us persons
File Size6.3 MB
Total Pages578
Table of Contents
                            Pages
	Consolidated balance sheet       9
	Company balance sheet 10
	Results, principal activity and review of the business
	Post balance sheet event
	Going concern
		On behalf of the Board
	Scope of the audit of the financial statements
	Opinion on financial statements
	Opinion on other matter prescribed by the Companies Act 2006
	In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
	Matters on which we are required to report by exception
	for the year ended 31 August 2012
		(a) Basis of accounting
		(b) Going concern
		(c) Basis of consolidation
		(d) Cash flow statement
	for the year ended 31 August 2012
		(f) Presentation of principal asset
		(g) Tangible fixed assets
		(h) Investments
		(i) Impairment reviews
		The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
		(j) Income recognition
	for the year ended 31 August 2012
		(k) Debt issue costs
		(l) Interest rate swaps
		(m) Taxation
	(i) Current tax
	The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
	(ii) Deferred tax
	for the year ended 31 August 2012
		(n) Defined contribution pension scheme
	for the year ended 31 August 2012
		Pages
		Consolidated balance sheet       9
		Company balance sheet 10
		Results, principal activity and review of the business
		Going concern
			On behalf of the Board
		Scope of the audit of the financial statements
		Opinion on financial statements
		Emphasis of matter - Going concern
		Opinion on other matter prescribed by the Companies Act 2006
		Matters on which we are required to report by exception
		for the year ended 31 August 2011
			(a) Basis of accounting
			(b) Going concern
			(c) Basis of consolidation
			(d) Cash flow statement
		for the year ended 31 August 2011
			(f) Presentation of principal asset
			(g) Tangible fixed assets
			(h) Investments
			(i) Impairment reviews
			The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(j) Income recognition
		for the year ended 31 August 2011
			(k) Debt issue costs
			(l) Interest rate swaps
			(m) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
		for the year ended 31 August 2011
			(n) Defined contribution pension scheme
		for the year ended 31 August 2011
		Pages
		Company balance sheet         10
		Results, principal activity and review of the business
			The company acts as a holding company for UPP (Broadgate Park) Limited. The company and group’s principal activity is the development of student accommodation rooms via estate transfer and direct construction methods.   The rooms are leased to its subsidiary undertaking UPP (Broadgate Park) Limited for letting to students.
			The group loss for the year attributable to shareholders and reported in the financial statements is £1,889,000 (2011: £1,455,000).
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		Opinion on other matter prescribed by the Companies Act 2006
		In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
		Matters on which we are required to report by exception
		for the year ended 31 August 2012
			(a) Basis of accounting
			(b) Going concern
			(c) Basis of consolidation
			(d) Cash flow statement
			(e) Presentation of principal asset
		for the year ended 31 August 2012
			(f) Tangible fixed assets
			(g) Investments
			(h) Impairment reviews
			The carrying values of tangible fixed assets and finance lease receivables are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(i) Income recognition
			(j) Debt issue costs
		for the year ended 31 August 2012
			(k) Interest rate swaps
			(l) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
			(m) Related party transactions
			(n) Defined contribution pension scheme
				Year ended
				Year ended
		Pages
		Company balance sheet         10
		Results, principal activity and review of the business
			The company acts as a holding company for UPP (Broadgate Park) Limited. The company and group’s principal activity is the development of student accommodation rooms via estate transfer and direct construction methods.   The rooms are leased to its subsidiary undertaking UPP (Broadgate Park) Limited for letting to students.
			The group loss for the year attributable to shareholders and reported in the financial statements is £1,455,000 (2010 profit: £3,630,000).
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		Opinion on other matter prescribed by the Companies Act 2006
		Matters on which we are required to report by exception
		for the year ended 31 August 2011
			(a) Basis of accounting
			(b) Going concern
			(c) Basis of consolidation
			(d) Cash flow statement
			(e) Presentation of principal asset
		for the year ended 31 August 2011
			(f) Tangible fixed assets
			(g) Investments
			(h) Impairment reviews
			The carrying values of tangible fixed assets and finance lease receivables are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(i) Income recognition
			(j) Debt issue costs
		for the year ended 31 August 2011
			(k) Interest rate swaps
			(l) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
			(m) Related party transactions
			(n) Defined contribution pension scheme
				Year ended
				Year ended
		Pages
		Balance sheet          9
		Results, principal activity and review of the business
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in the going concern paragraph included in the accounting policies in the financial statements concerning the company's ability to continue as a going concern. The company is due to repay its senior debt facility of £24.8m on 31 August 2013 and the directors are currently in the process of negotiating the refinancing of this debt and exploring other means of finance to obtain the best possible terms of finance for the company. These conditions, along with the other matters explained in the going concern paragraph included in the accounting policies to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.
		Opinion on other matter prescribed by the Companies Act 2006
		Matters on which we are required to report by exception
		for the year ended 31 August 2012
			(a) Basis of accounting
			(b) Going concern
			(c) Cash flow statement
			(d) Presentation of principal asset
			(e) Tangible fixed assets
		for the year ended 31 August 2012
			(e) Tangible fixed assets (continued)
			(f) Impairment reviews
			The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(g) Income recognition
			(h) Debt issue costs
			(i) Interest rate swaps
		for the year ended 31 August 2012
			(j) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
			(k) Related party transactions
				Year ended
				Year ended
				31 August
				£’000
				(69)
				(111)
				(17)
				(30)
				12
				7
				5
				5
				-
				18
				-
				-
		Provisions for liabilities
		Pages
		Balance sheet          9
		Results, principal activity and review of the business
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		Opinion on other matter prescribed by the Companies Act 2006
		Matters on which we are required to report by exception
		for the year ended 31 August 2011
			(a) Basis of accounting
			(b) Going concern
			(c) Cash flow statement
			(d) Presentation of principal asset
			(e) Tangible fixed assets
		for the year ended 31 August 2011
			(e) Tangible fixed assets (continued)
			(f) Impairment reviews
			The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(g) Income recognition
			(h) Debt issue costs
			(i) Interest rate swaps
		for the year ended 31 August 2011
			(j) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
			(k) Related party transactions
				Year ended
				Year ended
				31 August
				£’000
				(111)
				(208)
				(30)
				(58)
				7
				13
				5
				4
				18
				42
				-
				-
		Provisions for liabilities
		Pages
		Consolidated balance sheet     9
		Company balance sheet 10
		Results, principal activity and review of the business
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		for the year ended 31 August 2012
			(a) Basis of accounting
			(b) Going concern
			(c) Basis of consolidation
			(d) Cash flow statement
		for the year ended 31 August 2012
			(f) Presentation of principal asset
			(g) Tangible fixed assets
			(h) Investments
			(i) Impairment reviews
			The carrying values of tangible fixed assets and investments are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(j) Income recognition
		for the year ended 31 August 2012
			(k) Debt issue costs
			(m) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
		for the year ended 31 August 2012
			(n) Pensions
		(i) Defined contribution pension scheme
		Contributions to employees’ personal pension arrangements during the year are charged to the profit and loss account as incurred. For eligible employees, contributions are made to employees’ personal pension schemes, based on a predetermined percentage of individuals’ salaries.
		(ii) Defined benefit pension scheme
		The company makes contributions to the Nottinghamshire County Council Pension Fund (“NCCPF”) in respect of 57 employees.
		The amounts charged to the operating profit are the current service costs and gains and losses on settlements and curtailments.  They are included as part of staff costs.  Past service costs are recognised immediately in the profit and loss account if the benefits have vested.   If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs.  The interest cost and expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest.  Actuarial gains and losses are recognised immediately in the statement of total recognised gains and losses.
		The assets of the NCCPF are measured using closing market values.  The liabilities are measured using the projected unit method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability.  The actuarial valuations are obtained at least triennially and are updated at each balance sheet date.  The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the balance sheet.
		for the year ended 31 August 2012
		Pages
		Consolidated balance sheet     9
		Company balance sheet 10
		Results, principal activity and review of the business
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		Opinion on other matter prescribed by the Companies Act 2006
		Matters on which we are required to report by exception
		for the year ended 31 August 2011
			(a) Basis of accounting
			(b) Going concern
			(c) Basis of consolidation
			(d) Cash flow statement
		for the year ended 31 August 2011
			(f) Presentation of principal asset
			(g) Tangible fixed assets
			(h) Investments
			(i) Impairment reviews
			The carrying values of tangible fixed assets and investments are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(j) Income recognition
		for the year ended 31 August 2011
			(k) Debt issue costs
			(m) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
		for the year ended 31 August 2011
			(n) Pensions
		(i) Defined contribution pension scheme
		Contributions to employees’ personal pension arrangements during the year are charged to the profit and loss account as incurred. For eligible employees, contributions are made to employees’ personal pension schemes, based on a predetermined percentage of individuals’ salaries.
		(ii) Defined benefit pension scheme
		The company makes contributions to the Nottinghamshire County Council Pension Fund (“NCCPF”) in respect of 57 employees.
		The amounts charged to the operating profit are the current service costs and gains and losses on settlements and curtailments.  They are included as part of staff costs.  Past service costs are recognised immediately in the profit and loss account if the benefits have vested.   If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs.  The interest cost and expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest.  Actuarial gains and losses are recognised immediately in the statement of total recognised gains and losses.
		The assets of the NCCPF are measured using closing market values.  The liabilities are measured using the projected unit method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability.  The actuarial valuations are obtained at least triennially and are updated at each balance sheet date.  The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the balance sheet.
		for the year ended 31 August 2011
		Pages
		Balance sheet          9
		Results, principal activity and review of the business
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		Opinion on other matter prescribed by the Companies Act 2006
		Matters on which we are required to report by exception
		for the year ended 31 August 2012
			(a) Basis of accounting
			(b) Going concern
			(c) Cash flow statement
			(d) Presentation of principal asset
			(e) Tangible fixed assets
		for the year ended 31 August 2012
			(e) Tangible fixed assets (continued)
			(f) Impairment reviews
			The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(g) Income recognition
			(h) Debt issue costs
			(i) Interest rate swaps
			(j) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
		for the year ended 31 August 2012
			(j) Taxation (continued)
			(k) Related party transactions
			(l) Defined contribution pension scheme
				Year ended
				Year ended
		Provisions for liabilities
		Pages
		Balance sheet          9
		Results, principal activity and review of the business
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		Opinion on other matter prescribed by the Companies Act 2006
		Matters on which we are required to report by exception
		for the year ended 31 August 2011
			(a) Basis of accounting
			(b) Going concern
			(c) Cash flow statement
			(d) Presentation of principal asset
			(e) Tangible fixed assets
		for the year ended 31 August 2011
			(e) Tangible fixed assets (continued)
			(f) Impairment reviews
			The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(g) Income recognition
			(h) Debt issue costs
			(i) Interest rate swaps
			(j) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
		for the year ended 31 August 2011
			(j) Taxation (continued)
			(k) Related party transactions
			(l) Defined contribution pension scheme
				Year ended
				Year ended
		Provisions for liabilities
		Pages
		Consolidated Note of historical cost profits and losses  8
		Consolidated balance sheet       9
		Company balance sheet 10
		Results, principal activity and review of the business
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		Opinion on other matter prescribed by the Companies Act 2006
		In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
		Matters on which we are required to report by exception
		for the year ended 31 August 2012
			(a) Basis of accounting
			(b) Going concern
			(c) Basis of consolidation
			(d) Cash flow statement
			(e) Intangible assets
		for the year ended 31 August 2012
			(f) Presentation of principal asset
			(g) Tangible fixed assets
			(h) Investments
			(i) Impairment reviews
			The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(j) Income recognition
			Rent receivable is recognised on the basis of the amount receivable in respect of the accounting period. Amounts received in advance are included within deferred income.
		for the year ended 31 August 2012
			(k) Debt issue costs
			(l) Interest rate swaps
			(m) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
			(n) Related party transactions
		for the year ended 31 August 2012
			(o) Defined contribution pension scheme
		Pages
		Consolidated balance sheet       9
		Company balance sheet 10
		Results, principal activity and review of the business
		Going concern
			On behalf of the Board
		Respective responsibilities of directors and auditor
		Scope of the audit of the financial statements
		Opinion on financial statements
		Opinion on other matter prescribed by the Companies Act 2006
		Matters on which we are required to report by exception
		for the year ended 31 August 2011
			(a) Basis of accounting
			(b) Going concern
			(c) Basis of consolidation
			(d) Cash flow statement
			(e) Intangible assets
		for the year ended 31 August 2011
			(f) Presentation of principal asset
			(g) Tangible fixed assets
			(h) Investments
			(i) Impairment reviews
			The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
			(j) Income recognition
			Rent receivable is recognised on the basis of the amount receivable in respect of the accounting period. Amounts received in advance are included within deferred income.
		for the year ended 31 August 2011
			(k) Debt issue costs
			(l) Interest rate swaps
			(m) Taxation
		(i) Current tax
		The charge for current taxation for the year is based on the result for the year, adjusted for disallowable items.
		(ii) Deferred tax
			(n) Related party transactions
		for the year ended 31 August 2011
			(o) Defined contribution pension scheme
                        

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